Business
Cardoso Says CBN’s Actions Prevented Inflation from Hitting 42.81% in 2024
Olayemi Cardoso, the Governor of the Central Bank of Nigeria, recently revealed that without the bank’s swift and strategic interventions, Nigeria’s inflation, which stood at 34.80% in December 2024, could have skyrocketed to 42.81%.
Cardoso highlighted several notable achievements during his tenure, including the unification of Nigeria’s multiple exchange rates, clearing a foreign exchange backlog of $7 billion, and boosting the country’s diaspora remittances.
He expects that by the end of the fourth quarter of 2024, remittances will hit N31.79 trillion, a significant increase from the $4.18 billion recorded in the first three quarters of 2024.
The Central Bank Governor also pointed out the remarkable rise in foreign remittances, which grew from $2.33 billion in the same period in 2023 to $4.18 billion in 2024, reflecting the effectiveness of the bank’s policies.
MTN has moved closer to acquiring IHS Holding, following shareholder approval of the proposed takeover, marking another major milestone in the transaction.
The approval was secured during the Extraordinary General Meeting (EGM) held on 4 August, allowing the deal to progress to the next stage.
If completed, the acquisition is expected to strengthen MTN’s infrastructure capabilities by giving the company greater control over its telecommunications tower assets. Industry analysts believe the move could improve network efficiency, reduce long-term operating costs, and support MTN’s continued expansion across its markets.
The transaction is still subject to regulatory approvals and other closing conditions before it can be officially completed.
Nigeria’s three biggest cement manufacturers—Dangote Cement, BUA Cement, and HBM Nigeria—generated a combined ₦3.2 trillion in revenue during the first half of 2026.
The strong performance was driven by higher cement prices, increased demand from housing and infrastructure projects, and higher sales volumes across the country.
Compared to the same period in 2025, the companies recorded 26.5% revenue growth, showing that Nigeria’s construction sector continues to expand despite economic challenges. The companies also reported stronger profits and are investing further to increase production capacity to meet future demands.
Nigerian fintech company OPay has introduced new security features to improve the safety of its application.
The company unveiled the Emergency Lock and Safety PIN features to give customers better control over their funds and provide added protection against fraud and unauthorized transactions.
The Emergency Lock feature allows customers to instantly freeze their OPay account with a single tap whenever they sense a threat or believe their account may be at risk.
The newly launched Safety PIN introduces an additional layer of security, helping customers protect themselves in situations where they may be forced to make a transfer or payment against their will.
Love Island USA Stars Turn Heads as Season 8 Cast Reunites
Peller’s Sweet Wedding Vows to Jarvis Leave Fans Emotional
Soso Soberekon Offers Peter Okoye ₦500 Million to Fight Paul in Boxing Match
-
Entertainment9 hours agoSoso Soberekon Offers Peter Okoye ₦500 Million to Fight Paul in Boxing Match
-
Entertainment8 hours agoLove Island USA Stars Turn Heads as Season 8 Cast Reunites
-
Entertainment12 hours agoSpider-Man Movie Review: Fans React to Sadie Sink’s Role
-
Entertainment10 hours ago2Baba Sparks Reactions Amid Reports of Marital Drama With Natasha
-
Entertainment9 hours agoPeller’s Sweet Wedding Vows to Jarvis Leave Fans Emotional